5 Multifamily Tech Ideas You’ll Love

Theresa Bradley-Banta

Technology can be a powerful tool when it comes to managing your multifamily properties. It can help you save time, connect with your residents, and market your properties to an increasingly digital audience. Here are some of the best multifamily tech tools and ideas you should consider giving a try in your properties.

Take your property tours online

Even the best leasing agent can only handle a handful of resident tours each day. If you put the right technology to use, though, your capacity for tours is practically limitless. Many multifamily property owners are opting for online and self-guided tours.

The self-guided tour allows potential residents to browse apartments and the communal facilities on their own, sometimes guided with a smartphone app. For example, Tour24 serves as an extension to leasing teams by letting prospective renters to do self-guided tours. When you aren’t relying on your agent to show potential renters around, you free them up to focus on delivering top customer service to those most interested in the property.

Go digital with your doorman

Between package deliveries, dog walkers, and food drop-offs, how many non-residents are coming to the front door of your building each day? It can be an almost endless flow of people for some buildings. Without a doorman, how are you balancing safety concerns with meeting the needs of your residents? Some property owners are embracing multifamily tech with smart doorbell systems and creating virtual doormen.

National Real Estate Investor reports that two buildings in New York City are currently testing a system called Doorport. This new multifamily tech integrates into the building’s existing infrastructure without any new wiring. Touch screens by the front door allow visitors to contact the apartment they need. If no one is home, no problem. The screen can connect the visitor to the apartment resident through their smartphone. It’s all the benefits of a doorman with a more personalized digital approach.

Using smartphones to create a community hub

There is a good chance most of your residents have a smartphone within reaching distance right now, so put them to use. There are apps on the market right now that are turning resident’s smartphones into digital community hubs for your building. Residents pay their rent and make service requests through the app, as well as get push notifications in emergencies. It’s one of the most cost-effective ways to connect with your residents.

Want to get your building started with a smart community hub? Check out Resident 360. This app does it all including a button for referrals. We also like the ApartmentApps suite, which includes a resident app as well as maintenance and management apps.

Safely embrace the sharing economy

Short-term rentals can be a great way to bring a new income stream to your multifamily property. Managing those short-term rentals can be a headache, though. Technology to the rescue! They made an app for that. There are now short-term rental management apps that will help you set availability as well as track who is currently in your property. It’s a much easier way to manage the process, work with your long-term residents, and retain the financial benefits.

If you want to take advantage of short-term rentals, check out Pillow. This platform makes it super simple to manage your properties. You can even split revenue with residents listing their space when they are out of town. ApartmentJet is also worth a look. It’s been specifically designed for multifamily property owners and managers dealing with the occasional short-term rental.

Some property managers are making digital assistants an amenity in itself. Encouraging smart home tech not only appeals to tech-savvy renters, but it can also help reduce operating costs. When residents can turn down the heat and turn off lights no matter where they are in the world, it’s a win-win for everyone. Property Management Insider writes the bathroom and kitchen will be the smartest rooms in the home, whether that’s in the suburb or in a multifamily building. Check out what Kohler is doing with their smart home integration to personalize resident experiences.

Stay on top of multifamily tech trends

Learning about the latest real estate tech trends can help you stay at the forefront of this competitive industry. Not only can technology help reduce your operating expenses, but it’s something that more and more of your residents are going to demand. Wondering how you can best integrate these multifamily tech tools into your property portfolio? Get in touch with us today to learn how we can help.

Theresa Bradley-Banta writes about investing in real estate while avoiding the pitfalls that plague many new investors. She is a 2017 PropTech Top 100 Influencer and winner of 14 American and International real estate awards for her website and real estate investing programs. As featured on: The Equifax Finance Blog, AOL’s Daily Finance, Scotsman Guide, The Best Real Estate Investing Advice Ever Show, Stevie Awards Blog, Rental Housing Journal, and Investors Beat among others.